August 15, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 8/15/2023 by Michael Filighera

First off – I apologize for my quick turn around on yesterday’s update — of course as some on you suspected I was likely to reverse it again — and that is what I’ve done. Lesson learned to always give the markets to make it clear or confirm the change. Tuesday, started in the red and for most of the day remained red and at times saw stronger selling. I have “re” updated the labeling and added today’s moves. However, having said that -both the preferred and alternate counts remain active “side by side” and as I state in the update – the outcome of which is in force will likely be decided in the next up leg which should begin in the next couple of days — in the preferred count(s) that move would be a Minor 2nd wave — in the alternate count(s) it would be Minor 5th waves. So, the verdict remains out on both. Wednesday pre market @8:30 AM EDT Housing Starts and Building Permits, @9:15 AM EDT Industrial Production and at 2 PM EDT – the minutes of the July FED meeting will be released.